Business
Tile sector counters in positive performance
By Hiran H. Senewiratne
CSE trading witnessed some volatility because the market noted profit -taking on the previous day. But tile sector counters performed positively yesterday, stock market analysts said. Further, with the month end being reached, the profit takings were noted during the day.
The stock market remained buoyant with high turnover. Royal Ceramic share price appreciated by five percent or Rs.2.70. Its share price started at Rs 54.10 and at the end of the day it shot up to Rs 56.80.
The indices continued their record-breaking streak on the back of stronger-than-expected financial results reported by a string of companies in the ongoing earnings season.
“As successive record highs were recorded, the ASPI breached the 10,100 level for the first time and ended in green for the seventh consecutive session while the S&P SL20 index also closed higher to surpass its previous peak recorded on Monday, stock analysts said.
Amid those developments both indices moved upwards. All Share Price Index went up by 17.16 points and S and P SL20 rose by 36 points. Turnover stood at Rs five billion with a single crossing. The crossing was reported in Distilleries, which crossed 10 million shares to the tune of Rs 176 million and its shares traded at Rs 17.50.
In the retail market top five companies that mainly contributed to the turnover were; Expolanka Holdings Rs 1.1 billion (4.9 million shares traded), Browns Investments Rs 752 million (6.6 million shares traded), Royal Ceramic Rs 315 million (5.6 million shares traded), ACL Cables Rs 275 million (four million shares traded) and HNB Rs 184 million (1.1 million shares traded). During the day 194 million share volumes changed hands in 36000 shares.
Sarvodaya Development Finance (SDF) recently announced its Initial Public Offering (IPO) proposition and will be allowing potential investors the ability to submit applications for the IPO, which will open on November 23, 2021.
SDF is a dynamic financial services provider that aims to uplift and empower rural masses across the nation by facilitating development opportunities with the prime goal of securing equitable economic growth and driving national development.
Investors stand to gain a range of benefits related to the forecasted highly positive company performance levels in the near future, offering investors the chance to invest into empowering Sri Lanka’s village entrepreneurs, while securing consistent returns, observers said.
Managed by NDB Investment Bank, Sarvodaya Development Finance will offer up to 45,454,546 ordinary voting shares at a price of Rs 22.00 per share through its IPO, resulting in a projected market capitalization of Rs 3.29 billion assuming full subscription at the Issue Price. This translates into an estimated forward PER of 16.17 for FY22 and implied TTM PER (as at August 31, 2021) of 11.02x.
Yesterday the US dollar was quoted at Rs 202.20, which was the controlled price of the Central Bank to prevent price escalations in essential food items in the country.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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